Cryptocurrency Is a Security – Purview of Malaysian Securities Commission

The Malaysian Securities
Commission registered three cryptocurrency exchanges like Luno Malaysia, Sinegy
Technologies, and Tokenize Technology.
The approval is a conditional one.

The Australian law requires that
cryptocurrencies should be registered.
The changes that have been approved recently will have nearly nine
months to complete the formalities for the compliance with SC regulatory norms.

David Low, General Manager
stated, these three exchanges are the only registered exchanges operating in
Malaysia. He further added, “We’ve been
working closely with regulators and banks to complete the groundwork for the
buying, selling and storing of cryptocurrencies and digital assets, which we
believe are the future of money. The regulation will ultimately bring clarity
and protection to consumers, and will ensure that all cryptocurrency businesses
have adequate standards in place to protect investors and their funds.”

The SC Capital Markets and
Services have introduced a Prescription of Securities, Digital Token, and
Digital Currency.

Cryptocurrencies have been
previously classified as securities. Per
the Legal Purview of the Securities Commission, cryptocurrency is a security.

The SC has proposed regulations
for the Initial Coin Offering as one of its agenda in the regulatory process.
The SC has published two papers addressing the public in this regard.

Malaysia is one of the tourist
cities. Plans are underway to make Malaysia one of the tourist cities with a
decentralized payment system. The
Malaysian City of Malacca will become the first tourist city on the
blockchain. The development is happening
in 835 acres of Malacca.

This project is known as the
Melaka Straits City, and it consists of using cryptocurrency exclusively in the
territory. The Melaka Strait City will
be focusing more on tourism. However,
the city will also provide with education and business services to interested
parties.

Visitors will be able to make
their cryptocurrency payments through the DMI Coin platform, which will focus
exclusively on DMI coin payments.

This city, according to experts,
might become the most prominent tourist attraction in Malaysia, and more than 3
million travelers will visit the city annually.

The Real Cryptocurrency Exchange
with its headquarters in Seychelles is a cryptocurrency company which has its
headquarters in Bueno Aires. By 2020,
TRCE has plans to expand its operations to Thailand, Malaysia, UK, Czech
Republic, Kenya, Ghana, and Thailand.
The core objectives were to establish a premium quality service for
users with round the clock services and a streamlined approach in KYC
onboarding.